With over 40 Years of Experience in the World of Licensing and Product Development David Lieberstein is the “Dream Product Guru”

Meir Ezra, Founder Guaranteed Prosperity
International Business Man and Philanthropist Meir Ezra Guarantees He can give you the Knowledge and Training You need to Succeed.
February 22, 2017
Invent Invention Patent Manufacturing
HSN American Dreams Introduces the Multibrush Pro 2-pack 3-in-1 Magnetic Paint Brushes
February 28, 2017

Download Inventors Roadmap to Success on Google Play and iTunes!

Google Play Apple iTunes


Watch the podcast here!

 
David brings a unique, informed perspective with over 42 years of experience in product development, manufacturing, licensing, wholesale marketing and retailing. He has a strong understanding of all aspects of the marketplace and have established long term relationships with factories around the world.

David founded a number of companies including national wholesale gifts, regional sales agency representing 25 vendors and a retail outlet store. Total sales for these companies over the years total more than $100 MILLION.
His passion and expertise in business include product development, overseas production, marketing strategies, art direction, and licensing negotiation. He has traveled extensively throughout Asia and Europe working directly with suppliers as well as attending major trade shows in Canton, Hong Kong, Frankfurt and domestically.

​Companies that David has founded over the past 40 years include:

Wine Things Unlimited

For over 25 years, he created wine accessories and houseware products for the national wholesale marketplace with over $60 Million total sales. He licensed artwork from major brands including Monopoly, Scrabble, Looney Tunes, Star Trek, Cirque du Soleil and unique artists for our products. In addition, my regional sales agency produced over $35 Million in sales with 15 vendors displayed in 30 booths at the local San Francisco trade show.

Grapevine Press was an earlier venture focused on notecards and printed products with a wine theme. ​

Visual Creations was his first company started when he was 17 years old specializing in photographic and whimsical greeting cards. He had the opportunity to act as a licensing agent for two key artists in the U.S. and Japan with licensing sales over $50 Million.

Podcast Notes

1You Tube generated podcast notes, please excuse any typos.
0:01
hi everyone and welcome to inventors
0:04
Launchpad roadmap to success i am your
0:07
host carmine danisco and on today's show
0:10
we have a gentleman that has been
0:12
working with inventors working on
0:14
products for years now he knows his
0:17
stuff he is a business owner he's a
0:20
product developer he's a consultant to
0:22
inventors and businesses he's a coach
0:25
he's a mentor and that's something we
0:26
were going to get into later on he's
0:27
also does some licensing his name is
0:30
David Lieberstein and he's on the line
0:32
right now hey David over there I'm here
0:34
well thanks for joining the show today
0:36
David you know I've been following what
0:38
you've been doing for years now and I
0:40
really think that you have a great
0:43
method to what you do and it's probably
0:45
been from over time that you've acquired
0:47
this knowledge and education on me and
0:49
venture business he was a little
0:51
background on on how you got started in
0:53
it well I was an entrepreneur forever
0:58
since my first company I started out of
1:01
high school with my photography and
1:03
ended up placing photographs with the
1:07
inspirational sayings on on some folded
1:10
pieces of note cards in my darkroom and
1:12
went out and peddled them and created a
1:14
company at 17 and a half and I ran that
1:16
company for 10 years was called visual
1:18
creations back in the 70s and put me
1:21
through college and got married early
1:23
and you know I just have always had that
1:25
that drive to create invent and and have
1:30
my own companies and after that I got I
1:33
started a greeting card company that was
1:34
related to the wine industry which got
1:37
me into wine accessories and you know
1:41
necessity is the mother of invention so
1:44
as i was out there peddling my my wine
1:47
related note cards the stores with the
1:50
winery tasting rooms were saying uh hey
1:52
nobody's calling on us and we've got
1:54
these other great products that we need
1:55
to be serviced on and little by little
1:57
life straited a sales agency in northern
2:00
california to call on the wineries and
2:01
and gift shops and such and over the
2:05
years I grew the sales agency as a
2:07
separate little business to where we had
2:09
would peaked out around 2000 we were
2:12
running 30 booths
2:13
local TV show in San Francisco we one of
2:15
the biggest exhibitors there literally
2:18
30 booze we were like one of the top
2:20
three exhibitors of the show is a show
2:22
with you know a couple thousand
2:23
exhibitors in it looked like wine
2:26
country USA with with lattice work and
2:29
wine barrel displays and a big gazebo
2:31
and I had like 15 product lines and
2:34
eight reps we pulled a half a million
2:36
dollars out of that show one summer Wow
2:38
and and the fight and we had a forefront
2:41
for booth end cap was my own company
2:43
national company with at that time was
2:45
called Lane things unlimited and along
2:49
the way I developed a line of decorative
2:51
pewter figuring bottle stoppers and
2:54
started with six designs as a little
2:55
side business separate from the green
2:57
card wine company one accessory company
3:00
and that was my ticket that was the
3:02
brass ring because any entrepreneur you
3:05
want to grab that million dollars plus
3:07
bottle stoppers I knew how to burn chin
3:10
dice and market into the gift industry
3:11
and with them that thing about four or
3:14
five years I hit my first million in
3:15
just bottle stoppers wow so you saw the
3:18
need just for something that small
3:20
little component or products and you
3:23
could you have the connections I mean
3:25
you were able to to kind of roll it out
3:26
very quickly yes if you know it's with
3:29
any invention any creative person
3:30
looking at business and what you can
3:33
bring into the world it's a matter of
3:35
finding a niche and filling it the more
3:38
differentiated you can be with your
3:40
product in your concept and that's
3:43
different and unique from what's out
3:44
there the better opportunity you have to
3:46
be successful now that's amazing and
3:49
when you started be this little product
3:53
I mean obviously you were working in the
3:54
industry which is great which is always
3:56
recommended I mean what were some of the
3:58
little issues you fell into or ran into
4:00
a little issues lots of little issues
4:04
yes you know growing a business gives is
4:07
it gives you the greatest opportunity to
4:11
maximize your earning potential and also
4:15
create a lot of stress in your life
4:19
about financial you know of cash flow I
4:23
mean a big thing the biggest challenge
4:25
is once you get a business up and
4:26
running
4:27
is marketing and cash flow and managing
4:30
your overhead it is so easy to to get
4:33
your costs out of line beyond your
4:36
ability to to manage them with your
4:38
revenue you have to balance your
4:41
expenses with your income particularly
4:44
once you get up and running and you move
4:45
you burn through your initial capital
4:47
that you get your seed money and so and
4:50
so it's you know it's really all about
4:52
marketing no matter what product of
4:54
service you offer into the marketplace
4:57
you know you build it and they will come
4:59
except you have to get you have to meet
5:02
them halfway he and be ready yet and be
5:05
ready to fulfill yeah I mean you know
5:07
the old saying that you know being too
5:08
busy so you sometimes just as bad as not
5:12
being busy right right right so so after
5:16
that product let's fast forward a little
5:18
bit I know that you've been in the
5:19
invention I want to take industry for a
5:22
long time and you know where did you
5:24
come come to the revelation that you
5:28
really wanted to start helping inventors
5:30
or did inventors kind of find you well I
5:33
ran windings unlimited for 25 years a
5:36
law nice long run i went from bottle
5:39
stoppers to a beautiful hand blown a
5:42
wine glasses made in romania of her hand
5:45
and grave and hand-painted sold all over
5:47
the country and to gift shops winery
5:49
tasting department stores and such and
5:51
then got into ceramics serve where i
5:53
work with many different artists and
5:55
licensing for the bottle stoppers we
5:57
licensed of betty boop looney tunes a
6:00
Cirque de Soleil Star Trek and then I'm
6:03
ceramics we got into monopoly and
6:05
scrabble and and and and in collegiate
6:08
so I really understood the whole
6:10
licensing process and even before that
6:13
with the greeting card companies the
6:14
first two artists I brought in my
6:16
initial what company after the
6:18
photography we had a couple artists and
6:20
we had opportunity that I actually
6:22
became we became the licensing agent for
6:24
our artists so I understood both sides
6:26
of sense and so you know I had a 25 year
6:30
run with wine things and when we peaked
6:31
at around two thousand i was running
6:33
five million dollars a year in my own
6:34
product line plus the sales agency was
6:37
doing four million a year so like I say
6:39
on my website you know between
6:40
everything over
6:41
40 45 years I've you know my companies
6:44
have produced over 100 million dollars
6:46
in revenue so then fast forward to the
6:49
recession and you know it was deeper and
6:53
longer than everybody expected so around
6:56
Oh 13 because of cash flow issues and
6:59
such i sold the company off to a
7:00
friendly competitor helped him get it up
7:03
and running and did what I've wanted to
7:05
do for many many years which is to be a
7:07
consultant because at the end it you
7:10
know at bottom line i love to be of
7:11
service to people and I love to help
7:13
people it's my it's my joy and I was
7:16
going to be a therapist to hit it back
7:19
in college and business I caught the
7:22
business bug and got into you know
7:24
production and marketing and all of that
7:26
to run my businesses but I love love
7:30
love being a consultant and to work with
7:33
creative people with inventors and help
7:35
them launch their idea and take them to
7:38
the whole process and meet them wherever
7:40
they're at along the whole the whole
7:42
cycle of product development or sourcing
7:45
setting up the business marketing all
7:47
those different stages I meet people
7:48
wherever they're at and it's just such a
7:51
joy to see it to help them because for
7:55
me I see it so clearly each of us have
7:57
our own expertise in whatever area we
7:59
professionally move in on our lives as
8:02
an adult and for me this is very very
8:04
obvious all of it's very simple to me
8:06
because I've done it for so many years
8:07
hundreds of products millions of dollars
8:09
so it's I love doing it and i love that
8:12
whole startup process you know it's a
8:14
you know you caught the bug but it seems
8:16
like it stayed with you for many years
8:18
we did have and what you've accomplished
8:20
is definitely commendable ate some i
8:23
don't want to say it's rare what you
8:24
obviously had to work very hard to keep
8:27
that one going i don't want people to
8:29
think that would what david has done is
8:30
easy but i'm sure you worked very hard
8:32
now David wasp whilst you were licensing
8:35
these products and that is a you talk
8:37
about licensing it is such a pain point
8:42
if answer is because a lot of men is
8:44
want to license our product but they
8:45
don't know really the first thing about
8:47
nothing anything wrong with that they
8:48
just what they think they know isn't
8:50
what they really know right and you know
8:53
to just give a quick breakdown on the
8:55
sensing product line would what's the
8:58
first thing people should really think
8:59
about when they want to like for their
9:00
product where they use it so hard to do
9:02
it yes that's a good question comment
9:04
either thing about licensing is that a
9:07
lot of adventures come up there very
9:09
creative people and you come up with
9:11
great ideas and you know that people are
9:13
going to just love this product and
9:14
they're going to pay them you're going
9:15
to make millions of dollars and you find
9:17
the right company and you should be
9:19
passive and they're going to produce it
9:21
and sell it for you and you'll sit back
9:22
and collect millions of dollars of
9:24
royalties that happens sometimes but
9:27
very very rarely do you have that huge
9:30
home run you know when I was running my
9:32
business if I when I brought we brought
9:34
out new lines all you know all the time
9:36
you know at least two three times a year
9:38
if I bring out a new product line and I
9:41
put you know 25 30 grand in inventory
9:44
and I already have a pipeline of a
9:46
couple thousand customers and trade
9:47
shows and reps if I do a couple hundred
9:50
thousand dollars a year on a brand new
9:52
product line I'm a happy camper if I
9:54
bring a product line out that I can do a
9:55
million or two million that's fantastic
9:57
but it happens very rarely to have that
10:00
kind of a home run over 25 years even
10:02
though i had an existing in a
10:04
distribution system the point being that
10:07
an inventor if they want to go down that
10:10
licensing path rather than producing it
10:13
themselves and making their own business
10:15
you have to realize that you're not in
10:18
control of your destiny if your wing if
10:21
you when you're fortunate enough to find
10:23
the right company to do a licensing deal
10:26
with you it's in their hands as to what
10:30
their timelines are how much money are
10:31
they going to put into the development
10:33
the inventory and then how much are they
10:35
going to put into marketing your
10:37
products how big is the company is your
10:40
product gonna make a get their attention
10:42
even though they find the deal doesn't
10:44
mean they're going to be able to put a
10:45
lot of resources behind it if they've
10:46
got hundreds or thousands of products
10:49
your product has to be the best thing
10:51
since sliced bread that they're going to
10:53
do millions of dollars or they'll just
10:55
add it to their line and they'll do
10:56
whatever it does so the first thing I
10:59
tell inventors if you're going to do
11:00
licensing is make sure first I'll make
11:03
sure your your idea is refined enough to
11:06
wear when you present it to a company
11:09
they get it you don't have to explain it
11:11
they understand it very quickly with
11:13
your image with your video quick video
11:15
and such and secondly very important
11:18
that you don't waste your time or their
11:20
time you vet the company out properly
11:23
you need to find out you look into the
11:25
marketplace what companies are
11:27
appropriate that would be where my
11:29
product would fit into their product
11:31
line there's complimentary and then you
11:33
need to contact that company and see if
11:36
they have a licensing program because
11:39
otherwise you're wasting your time and
11:41
there's not only that you're exposing
11:42
your idea potentially to somebody's
11:45
going to knock it off whether you have
11:46
it patented or not you know the
11:48
unscrupulous companies are out there
11:49
they're going to take the idea if they
11:50
choose to and leave it up to you to see
11:52
them over in a couple years and spend a
11:54
couple thousand dollars to go after them
11:55
and their first to market so you've got
11:58
to be very careful who you expose your
12:00
ideas to and that you're only talking to
12:04
companies that have a licensing program
12:07
they have a submission process in place
12:09
and an executive and the company that's
12:12
in charge of that otherwise you're
12:14
wasting your time and theirs and you're
12:15
exposing your idea to people that you
12:16
don't want to let them know about your
12:19
great idea that they're going to compete
12:20
with you on that's something that's
12:22
interesting is that to do the research
12:24
and it's kind of like maybe even look
12:26
when you're looking for a person looking
12:27
for a job is you want to go out and find
12:29
the right company that fits you yes your
12:32
product I would think yeah that's that's
12:34
really great advice because it's got to
12:36
be the right fit for a certain crops
12:37
absolutely now and also licensing is
12:42
much harder today than it was 10 or 20
12:44
years ago marketplace has gotten so
12:46
competitive the recession made companies
12:49
so a cautious of where they're putting
12:52
their dollars into new product
12:53
development and most majority of
12:55
companies have their own in-house
12:57
designers and developers or they depend
13:00
on their factories overseas and a trade
13:02
shows overseas because people are very
13:04
very creative over in Asia and and so
13:07
they're not looking to spend a lot of
13:09
development costs on ideas outside of
13:11
their own situation and secondly in
13:16
today's economy companies are not
13:19
willing to pay much more than three
13:21
percent royalty
13:23
they'll pay five or six if your products
13:24
already proven if it's ready to go they
13:27
don't have to put a lot of time and
13:28
energy to engineer it and prototype it
13:30
you may have already had some sales on
13:32
it like we see on Shark Tank you've
13:34
already had a couple of thousand dollars
13:35
of sales and and the company goes I know
13:37
I can take this and do that into a
13:39
chameleon but if you've just got the
13:41
idea maybe you've patented it and you've
13:43
got the patent drawing but it's not
13:45
engineered there's no prototypes you
13:47
don't know what it's been really cost
13:48
hasn't been sourced yet you're going to
13:51
get the least amount they're going to
13:52
look up a prospective licensee licensing
13:55
company is going to try to beat you up
13:57
and get that and pay the least because
13:59
they got to put a lot of time energy and
14:00
if you think about it three percent
14:02
which is the average it's got to be a
14:05
home run of a million dollars a year in
14:06
sales and as only gives you thirty
14:08
thousand dollars which is nice but it's
14:10
not you can't live on it so you know and
14:12
if it's an average call average success
14:14
three to five hundred thousand is
14:16
nothing bad but you make 10 or 15 grand
14:18
and it's okay but you're not going to
14:19
you can't you can't sit back and retire
14:21
on that you got to had a lot of a lot of
14:24
inventions that your licensing to a
14:26
number of different companies where that
14:27
hole were a number of them come together
14:29
and you make a living so that's the
14:31
challenge as I see and I speak with
14:32
other agents and adventures and that's
14:36
one of the reasons that I'm really
14:37
recommending to inventors if they have
14:39
the passion and if they have some access
14:41
to capital with friends and family or
14:43
IndieGoGo and Kickstarter and are
14:46
willing to learn what you need to learn
14:47
to make your own company that's the best
14:50
way to go because you're in control you
14:53
choose your own destiny you work your
14:55
ass off but you've had that opportunity
14:56
to make a lot of money yeah even on
14:59
smaller sales yeah that's it sounds like
15:02
it I mean coming from somebody like
15:03
yourself who use license many products
15:05
and percent and again we've heard that
15:08
too here at the vented Launchpad we've
15:10
we've licensed products for our clients
15:12
and for ourselves and yeah I I will
15:15
agree with you one hundred percent that
15:16
five percent was the most they were
15:18
going we would go with fully functioning
15:20
products you know fully ready to go and
15:22
you hear a lot of stories about people
15:24
who just want to license their idea and
15:26
that's something that as you said I
15:29
would agree with you is very rare
15:32
it is and I took on for inventors the
15:35
first of last year because I thought I
15:37
really believed in them and I thought
15:39
you know I've been around licensing for
15:41
years I can I can license these I can be
15:43
an agent's I hadn't been an agent you
15:45
know per se and be no since 30 years
15:48
with my greeting card company and it's
15:51
hard I walked the hell had a house where
15:56
it should the International housewares
15:57
show last March I've walked hardware
15:59
showing may in Vegas with the movies
16:01
wonderful inventions and you know
16:03
shopped around looking for the
16:05
appropriate comes companies you just
16:07
only divulge what it was two companies
16:09
that had a licensing program that I felt
16:12
the connection with I found a company to
16:15
license one of the inventions it's a
16:18
wonderful retractable clothes drying
16:21
rack system and sort of setting up those
16:23
you know balke accordion style things in
16:27
the middle of the room but the ladies
16:28
have to set up this this mounts on the
16:30
wall and retracts and one lot funny 10
16:32
sighs great and actually and you know I
16:35
found a big company they had does out on
16:37
it apply a three or four hundred million
16:38
dollar company loved it they've got
16:40
retractable clothing lines and such and
16:42
we talked to the show we talked for two
16:44
three months on and off at the other day
16:45
the guys did you know I love the product
16:47
but I got to put a lot of time and
16:49
energy that we have to engineer it we
16:51
got a fine tune it prototype it because
16:53
we just acquired three companies and
16:55
we're trying to try to still figure out
16:56
how to integrate those three companies
16:58
and all those products your one products
17:00
going to get lost and I went back to the
17:03
inventor and his wife and I said look
17:04
guys you know I don't think we're going
17:05
to be able to license this thing because
17:06
they were the best possibility and they
17:09
decided let's do it ourselves yeah and
17:12
so I help them you know and get a good
17:14
engine product engineer to to put you to
17:16
properly put together the basic
17:18
blueprint 3d CAD drawings and then we
17:20
found us so i found a backstreet
17:22
overseas we got it quoted source you
17:25
know over the months we got the
17:26
prototype in early early december they
17:29
brought me in as a partner because they
17:30
wanted my expertise to help them do all
17:32
the production and marketing and bottom
17:35
line is where we're launching the
17:36
product at the inventors corner at the
17:38
house where show next month and it's
17:40
called a laundry net so that's but
17:42
that's a long as it you know a really
17:44
interesting story
17:46
of you know I know what it takes to
17:48
license the product and I know really
17:50
good licensing agents to help their the
17:52
license artwork but this year I've not
17:55
found even one licensing agency out
17:57
there that licenses inventions this
18:00
successful in it it's a really hard path
18:03
to go and not to say it doesn't work it
18:06
does for some people with the right
18:08
invention and some people some guys some
18:11
guys all some adventures make a lot of
18:13
money with that right product that makes
18:15
millions of dollars but I would say that
18:17
you know ninety-five percent of them
18:19
just like just like I T startups you
18:21
know nine out of 10 startups you know
18:23
die the first year even though they got
18:25
millions of dollars in in vc you know
18:27
capital so you know it's a it's a tough
18:33
road to go well again you know having
18:36
somebody and that's why it's important
18:37
to have somebody like yourself on board
18:39
and i could one hundred percent see fear
18:42
your clients with that hollinger net
18:44
asking you to come on board i mean
18:46
what's better to do that they might be
18:48
given up a little bit equity but that
18:50
knowledge and experience again they
18:52
couldn't pay for it if they didn't have
18:54
the on board because you're not going to
18:55
allow them to make those missteps or get
18:57
out of sequence because not only are you
18:59
want them to make money but also you now
19:01
you're now you're in it exactly very
19:04
important i think it's great and real
19:06
quick question and i'm going to jump off
19:07
the licensing because again it's it is i
19:10
agree with everything you said is very
19:12
hard people win the lotto and you're not
19:14
saying it doesn't happen but it is very
19:16
hard how important is that licensing
19:19
agreement and doesn't really stand up to
19:21
you time if if you end up getting that
19:24
licensing well the licensing agreement
19:27
is a busy road map of how you and the
19:29
latin the company are going to work
19:31
together if it really just gives the
19:34
basic information of how they're going
19:37
to pay you how much they're going to pay
19:39
you and for how long do they have the
19:41
rights to your invention the rest of it
19:43
is really just boilerplate legalese and
19:46
most companies that are that already are
19:49
in the business of licensing inventions
19:52
from inventors will have their own
19:55
licensing agreements ready to rock and
19:57
roll and you know you can choose to
20:00
spend a few hundred bucks with your
20:01
local attorney to look at it but really
20:03
at the end of the day you know they have
20:06
the expertise they've paid the big bucks
20:07
to their attorneys you don't really have
20:09
it short you know the only thing you
20:11
have a choice of negotiating really are
20:13
the terms of how you're paid and how
20:15
much you're paying for how long the rest
20:17
of it is just a you know legally visible
20:19
lawyers you know that's there that's
20:21
what they need to do to cover
20:23
everybody's behind in case something
20:25
doesn't perform yes you don't beyond
20:27
that it's important to have it just so
20:29
that everybody knows how you can get
20:30
paid the rest of us legally that's not
20:33
there's no consequence in my opinion and
20:36
I want to be I don't mean to district
20:37
attorneys but they're doing to cover of
20:39
eyes ass that's a no-no you it's true i
20:42
mean everyone has to have the paperwork
20:44
but didn't longer and like you said it's
20:45
just it's just paperwork right right and
20:48
and to begin with you know when you do
20:50
if you're going to do the life you do
20:52
the licensing path whether you do it
20:54
yourself or you get an agent to take it
20:56
out there and the agents usually charge
20:58
twenty-five to fifty percent of the of
21:00
the royalty that's just a standard as an
21:02
a licensing agents out there general
21:03
speaking which so they're your partner's
21:06
they have to work hard to get it but
21:07
bottom line is if you get to the point
21:10
that that a company is really interested
21:12
then you need to give them a general
21:15
overview of proposal of what you're
21:17
requesting and that just includes you
21:20
know the royalty rate you're requesting
21:21
the terms how many years the the market
21:25
niche or you given them everything for
21:27
you the US or everything for the world
21:29
or you just give them you know a
21:31
wholesale retail and you're retaining
21:33
custom as specially premium work for it
21:36
for yourself or a different licensee you
21:38
know sometimes you can slightly call its
21:40
licensing can you slice it and dice it
21:41
to to a to license the same invention to
21:46
different market niches for different
21:47
purposes but today the term sheet also
21:51
is going to talk about you may request a
21:54
minimum guarantee royalty for the first
21:56
year and you may you may request a
21:59
minimum amount of royalty per year and
22:01
if it's a really powerful invention that
22:05
the licensee
22:06
feels they can do millions of dollars on
22:09
they'll be willing to spend to give you
22:11
that advance in an annual guarantee most
22:14
inventors they're going to have to put
22:15
time and money into it they're going to
22:17
go hey we're putting 20 to 50 grand into
22:18
this you know you're lucky that we're
22:21
going to sign on the line for you if
22:22
we're not going to give you any money
22:23
upfront or give you any guarantees if
22:26
you're you know when I license to
22:28
colleges and Betty Boop and all that you
22:30
know you have to give them a guarantee
22:32
per year and you have to give them
22:34
advance but that's because you know you
22:36
know that if you put their design on
22:38
your product you're going to be able to
22:40
pre-sell it without a problem because
22:41
some people want those colleges they
22:43
want looney tunes or Star Trek or
22:45
whatever yeah and and sometimes doing
22:48
those and going after you might not make
22:50
as much but as you said it's probably a
22:52
little bit easier to go that way because
22:54
it is kind of guaranteed like you said
22:56
you are going to sell that product
22:57
exactly yeah kind of switching gears
23:01
real quick and and again we could talk
23:03
about licensing you and I were talking
23:04
before we started we could talk about
23:06
each piece of this for a little possible
23:09
because we get a lot a lot of Licensing
23:11
questions here at event and that's why I
23:14
was so glad you're giving that
23:15
information what kind of is in one flat
23:19
question of licensing before I so the is
23:22
there an average time frame a lot of
23:24
people are impatient about this
23:25
licensing process and and I can tell you
23:28
that when we've licensed products and
23:29
needs we've gone almost a year or two
23:32
years before we've gotten it done
23:34
absolutely that's a really patient a lot
23:38
of perseverance a lot of follow-up and
23:41
have positive expectancy I have a client
23:45
ID circle on that over a year ago and i
23:49
found it i found a prospective licensee
23:52
at the house where show last March they
23:55
honor loved it they they licensed all
23:59
kinds of character merchandise of you
24:01:00
know cartoon characters as such and goes
24:04:00
on them so it's double double walled
24:06:00
plastic beverage glasses that you see a
24:08:00
starbucks everything yeah and this
24:10:00
invention it's called the spin cup it
24:13:00
had it uses a little miniature motor and
24:17:00
solar solar cells in a way that its
24:19:00
patented
24:20:00
that it spins the design that goes
24:22:00
inside the two walls of the glove of the
24:24:00
plastic last so animates your design
24:27:00
it's really cool and so you know the
24:30:00
owner love the idea it's been a year we
24:34:00
finally finally last week got down to
24:37:00
brass tacks I find you know with a
24:39:00
meeting with his licensing staff and
24:42:00
hopefully they're going to come back
24:43:00
with to me this week with a counter
24:45:00
proposal and they want they want to go
24:48:00
forward and do the light but it's been a
24:49:00
year you know and and and the inventor
24:53:00
in his and his partners have been you
24:56:00
know patient but also from pressure
24:59:00
that's taken so long so it can take a
25:02:00
long time for because it you know they
25:04:00
have a lot on their plate their big
25:06:00
company and you know while they love
25:08:00
this idea that they know it's going to
25:09:00
take them a lot of time energy and
25:11:00
capital to institute integrated into
25:14:00
their product ones yeah so you have to
25:17:00
be very patient and if you can imagine
25:19:00
following up for over a year and having
25:21:00
meetings cancelled and they're traveling
25:23:00
in this net you know you got to have a
25:25:00
lot of patience and persistence and
25:27:00
really believe in your product and your
25:30:00
invention and that the can that the
25:32:00
prospective licensees are worth that
25:35:00
level of follow-up 3 100 sent in the
25:40:00
worst probably thing you can do is be
25:42:00
impatient and start annoying the
25:45:00
potential licensee that is it's a shirt
25:48:00
a sign of failure all they say is listen
25:52:00
we've been thinking about it and we
25:54:00
don't want it yeah I mean you know
25:56:00
people is nothing personal when people
25:59:00
don't get back to you in business
26:00:00
whether it's about your license or
26:02:00
buying your products or in setting up an
26:05:00
appointment people where you know if you
26:06:00
think about we're all so busy in our
26:08:00
days with whatever we're focused on for
26:11:00
our work for our family for our wealth
26:13:00
sense of well-being you know it's never
26:16:00
personal very rarely as a personal if
26:19:00
it's personal you don't want to deal
26:20:00
with that person anyway so you have to
26:22:00
really disassociate yourself from taking
26:25:00
it you know as if it's an affront to you
26:27:00
that you're not important enough it's
26:29:00
not about that it's just just you know
26:31:00
the squeaky wheel gets the grease but if
26:33:00
it's too squeaky they
26:34:00
he's going to toss it out great agreeing
26:36:00
how do like yourself though with the
26:40:00
experience and knowledge that you have
26:41:00
it's so important for a or a new a new
26:45:00
inventor or a new entrepreneur because
26:47:00
they don't know all this and you
26:49:00
probably catch some flak from them but
26:51:00
having somebody like yourself to be that
26:53:00
buffer is probably very important oh
26:56:00
yeah i mean my the clients that I work
26:58:00
with and the very different types of
27:00:00
products particularly the companies in
27:03:00
ventures I'm working with to help them
27:04:00
launch their own companies you know I
27:11:00
can see what a difference it makes for
27:13:00
them even we know we work we usually
27:16:00
meet once a week for a half hour or an
27:17:00
hour on the phone or in person at their
27:19:00
local here up in marin and north of
27:20:00
north of San Francisco but I just see
27:23:00
the difference it makes and of course
27:25:00
they tell me they give me the positive
27:26:00
feedback because I'm a below zero in and
27:29:00
you don't know what you don't know and
27:31:00
so you find out what you need to know
27:33:00
and ed you know as an inventor creative
27:37:00
person we're all very in you know
27:39:00
capable people but the learning curve is
27:43:00
long and just a learning curve to invent
27:46:00
that product it often takes an adventure
27:48:00
to 25 years to fine-tune an invention
27:51:00
and and patent just and to file the
27:54:00
provisional patent then you have this
27:57:00
whole learning curve of how to produce
27:59:00
it how to price it what the margin
28:02:00
should be you know who to use to produce
28:04:00
it domestically overseas how to set the
28:06:00
business up where to where at where do
28:08:00
we where how is it how do we market this
28:10:00
thing it's a huge learning curve of two
28:12:00
to four years and you know because I've
28:15:00
done it for myself for so many years I'm
28:17:00
so I feel so blessed that I can work
28:20:00
with my clients and just you know in am
28:22:00
really a matter of three to six months
28:24:00
during that whole setup process we're
28:26:00
able to just you know just fine tune it
28:28:00
and just 0 in because I just see it so
28:31:00
clearly yeah which is again so important
28:34:00
for some of these new inventors because
28:36:00
they only have so much resources or fray
28:38:00
onions or EA and two if they have a
28:40:00
misstep it could just be rail them and
28:42:00
sometimes it could be astronomical that
28:44:00
they don't even recover so having
28:46:00
somebody like yourself to both
28:47:00
you get started from the beginning your
28:50:00
best customers are probably want to come
28:51:00
to you right at the beginning at the
28:54:00
beginning or halfway through because I
28:56:00
can save them so many costly mistakes
28:58:00
I've had people come up to me takings
29:01:00
with these week-long seminars the
29:03:00
mainland's called CEO space is wonderful
29:05:00
it's a week-long immersion course in
29:07:00
business and then once you're a graduate
29:09:00
you get to go in the weekends that five
29:11:00
times a year to network and I've had
29:13:00
numbers of people over the years that
29:14:00
god I wish I had known you when i
29:16:00
launched my company i wasted three or
29:18:00
four years i burned through 100 grand
29:19:00
and i had to close the business and you
29:21:00
know uh not that i could have saved
29:23:00
their butts but having somebody like
29:26:00
myself like you know and there's folks
29:28:00
out there you know that but they have a
29:30:00
really good coach understands the
29:32:00
process early on if you have a much
29:38:00
greater opportunity to succeed and
29:40:00
minimize your your capital that you're
29:43:00
risking a big well yeah and i'm glad you
29:45:00
mentioned that CEO space is an awesome
29:47:00
awesome organization and i agree with
29:50:00
you one hundred percent of yeah they
29:52:00
really can embed two tools in
29:55:00
entrepreneurs and nuance in order to to
29:57:00
get them going in the right direction
29:58:00
business David listen we only have a few
30:02:00
more minutes i mean the time went by so
30:04:00
quick can you please let everyone know
30:07:00
how to get in touch with you and what
30:10:00
you might have going on sure well you
30:13:00
know of course i have my website which
30:15:00
you'll see on there it said that I've
30:17:00
use a branding dream product guru my
30:21:00
website is the WWE and Prada guru calm
30:24:00
and my emails david at dream product
30:27:00
guru.com and I answer all my emails
30:30:00
within a day and so I encourage you to
30:35:00
you know look at my website get a better
30:38:00
even better idea of my further about my
30:40:00
background and the kind of services that
30:42:00
I offer and there's some images of some
30:45:00
of the products that I've been involved
30:46:00
in there's a some blogs there to look at
30:49:00
and you know and I'm happy to look at
30:54:00
what you're doing and if it feels
30:55:00
appropriate will set up a complimentary
30:57:00
initial conversation on the phone and
30:59:00
see if there's a fit for where I
31:01:00
and help you get your goals accomplished
31:04:00
one of the things I'm offering for our
31:07:00
podcast today is if you send me an email
31:09:00
to david it dream part google com i'll
31:12:00
send you two articles that I wrote
31:13:00
that's a very informative and a lot of
31:16:00
content and information one is called
31:18:00
the five stages to launch your product
31:22:00
successfully and it's perfect that I'm
31:25:00
with the inventors launch pad because I
31:26:00
wrote this article about the different
31:28:00
to five stages as in Linda's that you
31:31:00
know as in taking off a rocket and you
31:34:00
have the different stages of the
31:35:00
boosters to get yourself up elantra
31:37:00
company so I have a very clear you know
31:40:00
five stages of it takes to launch your
31:42:00
company from the product idea through
31:46:00
the sourcing and and and frightened and
31:48:00
and budgeting and logistics and
31:52:00
marketing such and then secondly based
31:55:00
on my experience with last year of being
31:56:00
a licensing agent having a hard a
31:58:00
frustrating run of it I write an article
32:00:00
recently called forget licensing produce
32:03:00
it yourself and I'm both ways I give a
32:08:00
lot of very specific content and ideas
32:13:00
are really helpful to catch along the
32:14:00
way and beyond beyond that you know to
32:16:00
fill in the blanks if you know if people
32:19:00
find the the need and have the passion
32:23:00
of time and the capital move forward
32:25:00
with their company I'm really happy to
32:26:00
help them get there well I think that
32:29:00
just anybody that would take take take
32:31:00
you up on that offer I mean a free
32:32:00
consultation signing up and then getting
32:34:00
the documentation and knowledge and
32:36:00
education I don't see anyone is whose is
32:39:00
whose a new inventor or even inventor
32:41:00
that you know not looking to make those
32:44:00
mistakes that they made previously that
32:46:00
gets a great offer David I think that's
32:48:00
awesome so MA well our time is up my
32:51:00
friend I really appreciate you being on
32:53:00
the show today and a pleasure will love
32:56:00
we'll have you back on when these days
32:57:00
excellent well thank you for your time
33:00:00
Carmen and and thanks everybody for
33:02:00
listening oh thank you take care buddy
33:04:00
thanks

Welcome to
Inventors Launchpad

Get free access to the only podcast network dedicated to inventors like you!